Lycetts, a prominent UK insurance broker, has reported record profits for the year 2023. This achievement is attributed to strategic acquisitions and a strong sales strategy that enhanced its market position.
The Newcastle-based firm specialises in niche insurance markets, including farm and estate, where it has leveraged expertise to secure high client retention and new business acquisitions.
Lycetts, a leading UK insurance broker, has achieved record-breaking profits by leveraging strategic acquisitions. The company, known for its expertise in specialised insurance services like farm and estate insurance, has successfully enhanced its portfolio through the integration of Robertson-McIsaac Ltd and G D Anderson and Co Limited. This deliberate expansion strategy has solidified Lycetts’ position in the market and enriched its service offerings.
In the fiscal year 2023, Lycetts reported a significant increase in turnover, reaching £25.14 million, marking a 16% rise from the previous year. Operating profits also saw an impressive increase, climbing from £3.124 million to £3.77 million. The company’s pre-tax profit before exceptional items reached £4.9 million, signalling robust financial health. Such figures reflect the company’s success in client retention and new client acquisitions.
In 2023, Lycetts expanded its workforce from 225 to 237 staff members. Over 100 employees are now based at the company’s new headquarters in Bank House, Newcastle. The strategic move from Milburn House to the new premises supports further expansion and modern work practices. This relocation under a 15-year lease signifies a commitment to growth and innovation.
The company’s core offerings, including high-net-worth household, farm, and rural estate insurance, have continued to thrive. Client retention rates remain high, bolstered by effective service delivery and competitive premiums. Lycetts is also committed to expanding its digital presence to better serve its clients, aligning with modern consumer expectations.
Charles Foster, CEO of Lycetts, attributes the company’s success to strategic business practices and a positive workplace culture. He emphasises the move to Bank House as a strategic step towards future growth. Foster is optimistic about enhancing Lycetts’ online presence and maintaining its leadership in core markets, aiming for sustainable growth and community contribution.
Lycetts aims to continue its dual approach of organic growth and strategic acquisitions to deliver exceptional value and service to its clients. The company is well-positioned to sustain its innovative trajectory, underpinned by a robust performance in 2023. With clear strategic goals and a dedicated team, Lycetts is poised for continued success.
Lycetts’ strategic direction and robust financial health underscore its reputation as a leader in the insurance sector. The company’s focused approach on market expansion, client satisfaction, and workforce development positions it well for ongoing success in the coming years.
Lycetts’ record performance in 2023 highlights its effective growth strategy and market resilience. The company’s focused approach promises continued prosperity and leadership in the insurance sector.
CEO Charles Foster’s vision of expanding Lycetts’ digital footprint and core services aligns with future market demands, suggesting a promising trajectory for the firm.
